VIRATEK REPORTS FIRST QUARTER NET INCOME UP 287 PERCENT
VIRATEK REPORTS FIRST QUARTER NET INCOME UP 287 PERCENT COSTA MESA, Calif., April 30 /PRNewswire/ -- Viratek Inc.
(NASDAQ: VIRA) today reported net income of $1.4 million, or 10 cents a share, on revenues of $2 million for the first quarter of 1992. That compared with net income of $359,000, or 3 cents a share, on revenues of $1.2 million in last year's first quarter.
Viratek receives royalties on worldwide sales of the antiviral Virazole, for which it holds the patent. In the United States, Virazole is marketed as an aerosol to treat hospitalized infants for severe lower respiratory tract infection caused by respiratory syncytial virus (RSV). First quarter Virazole sales in the United States were up 178 percent, compared to 1991. Virazole sales worldwide increased 117 percent in the first quarter, compared to the first quarter of 1991. In addition, sales of Virazole for RSV were also higher in Canada and Spain, as well as in Mexico, where it is authorized for several indications. Research and development expenditures in the quarter totaled $330,000. Viratek Inc. specializes in the development and licensing of new pharmaceutical compounds from nucleic acid research. VIRATEK INC. Summary Financial Information For the Three Months Ended March 31, 1992 and 1991 (000s omitted, except per share amounts) Three months ended March 31, 1992 1991 Total revenues $1,993 $1,244 Other expense, net 605 885 Net income $1,388 $359 Per share information: Net income $0.10 $0.03 Shares used in per share computation 14,549 14,255 -0- 4/30/92 /CONTACT: Paul Knopick of Viratek, 714-545-0100, ext. 2465/ (VIRA) CO: Viratek Inc. ST: California IN: MTC SU: ERN
EH-DM -- LA015 -- 4760 04/30/92 09:03 EDT
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|Date:||Apr 30, 1992|
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